Governor Johnson believes that Social Security is inherently flawed at conception, and similar to Ron Paul, believes that it has now turned into a Ponzi scheme.
Johnson considers Social Security as one of the most important items on his agenda of reform, and believes that privatization, with an option to cede control to individual account holders, is the programs’ best bet for maintaining its solvency.
Well I think social security has to be reformed. And I think at a minimum the retirement age needs to be raised. I’m talking about privatizing social security or being allowed to self-direct your social security account. I think it needs to be part of the mix
I would love to have had that when I was a 17 year old paying into the social security system.
By the way today I would still opt for 100%, to be, for me, to be able to self-direct 100% of my social security funds. There also needs to be some means testing going forward, on what gets paid in, what goes, gets paid out.
If we don’t reform all this areas, I think we’re gonna be left with nothing. We have a chance here to take a little bit of medicine, perhaps live on, and I’m talking about the United States of America.
But if we don’t address these problems, we might be all left with nothing and that nothing will be a dollar that doesn’t buy us anything tomorrow.
Oct 27, 2010: Johnson in an interview with Rob Nikolewski
“Social Security is flawed. When it was brought into existence the life expectancy was 55. Benefits started at 65. Now, life expectancy is 75, and benefits start at about the same age. It’s a Ponzi scheme. A combination of benefit reduction and/or privatization are necessary. At least part of Social Security should include private accounts that are counted in your estate.”
January 19, 2010: Interview with the Republican Liberty Caucus